Its 80 per cent owned unit, Enigma Sinar Sdn Bhd today entered into a sale and purchase agreement with Golden Valley Industries Sdn Bhd, a subsidiary of Klanggroup Holdings Sdn Bhd.
In a filing with Bursa Malaysia, the acquisition would provide the group an opportunity to acquire strategic landbank near Port Klang, the busiest container port in Malaysia.
"The proposed purchase will be funded via bank borrowing, indicatively in the proportion of 80 per cent. while the balance will be from internally-generated funds," it said.
The group said the transaction is expected to be completed within 12 months from the date of the signing of the agreement.
OCB is engaged in the manufacture and distribution of food products, bedding products, as well as in the distribution of building materials and builders' hardware in Malaysia.
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